FINANCIAL PLANNING SERVICES

Absolutely. Tax rules can be intricate, and there are often deductions you might not be aware of. For example, certain job-related expenses or investments can be tax-deductible. A tax accountant specialises in these details. They know the ins and outs of deductions and credits, working to maximise your return. With their expertise, they uncover hidden expenses and tailor your claim to your situation, potentially resulting in thousands more back in your pocket.

The ATO has an eye on cryptocurrency investors so it’s worth seeking an accountant to get advice on structure, e.g. whose name you should invest in, what structure you should invest in, and whether you use savings or borrow to invest. The long-term tax difference between the various options can result in thousands (or millions) in taxes.

With an accountant, your lodgement deadline extends, aiding cash flow. Self-lodgers face an October 31 deadline, but with an accountant, you usually have until May 15. Late tax returns attract penalties.  The ATO may issue a formal default assessment warning letter, which will likely make you worse off as it will not include most of the deductions you’re entitled to.

Doing your own tax return means full responsibility.  Even small mistakes expose you to fines, penalties and interest if you get audited. A tax accountant can not only help you get a larger tax refund but also offers peace of mind. A professional tax accountant ensures accurate compliance with tax laws, granting you reassurance if you’re audited.

One of the simplest ways to avoid an ATO audit, or to ensure everything goes smoothly if you are audited, is to use a tax accountant. It’s a tax accountant’s job to know what you can and can’t claim, complete the forms and advise you accordingly. While they guide you, it’s still up to you to provide accurate details, including transparent deductions and complete income declaration.